A study on customer relationship management (CRM) in ICICI Bank

Today, many businesses such as banks, insurance companies, and other service providers realize the importance of Customer Relationship Management (CRM) and its potential to help them acquire new customers retain existing ones and maximize their lifetime value. At this point, close relationship with customers will require a strong coordination between IT and marketing departments to provide a long-term retention of selected customers. This paper deals with the study on Customer Relationship Management in ICICI bank in Nagercoil town. CRM is a sound business strategy to identify the bank‟s most profitable customers and prospects, and devotes time and attention to expanding account relationships with those customers through individualized marketing, re pricing, discretionary decision making, and customized service-all delivered through the various sales channels that the bank uses. The freedom of choice that bank customers did not have earlier because of standardized products and rigid interest rates has now been given to the customers. Gone are the days when banks were emphasizing more on opening number of accounts, now the scenario is different. The contact centres used to interface with customers should ensure consistency in customer interaction, irrespective of the medium used for the interaction such as telephone, Internet, e-mail, fax, etc.